X Ltd operates a standard marginal costing system. The following budgeted and standardcost information is available:Budgeted production and sales10,000 units£ per unitSelling priceDirect material cost - 3 kg x £10Direct labour cost - 5 hours x £8Variable production overheads - 5 hours x £425030|4020Actual results for the period were as follows:Production and sales11,500 unitsSales value2,817,500342,000468,000195,000Direct material – 36,000 kgDirect labour - 52,000 hoursVariable production overheadsFor all calculated variances, tick the correct box to indicate whether the variance isadverse or favourable.? Question 29The direct material price variance isadversefavourable

We have the following information: Budgeted Production & Sales (10,000 units)Selling Price:…

Answered: X Ltd operates a standard marginal…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You have collected the standard cost card for one unit of the ‘Zeus’ which was in operation in the just ended period, details of which follow below:                                                                                                                  K             Materials                     7kg at K35.00                                     245.00             Labour                         20 hours at K12.00                             240.00             Variable overheads     20 hours at K8.00                               160.00             Fixed overheads          20 hours at K15.00                             300.00                                                                                                                                                 945.00             Selling price                                                                            1,500.00             Profit…
You have collected the standard cost card for one unit of the ‘Zeus’ which was in operation in the just ended period, details of which follow below:                                                                                                                  K             Materials                     7kg at K35.00                                     245.00             Labour                         20 hours at K12.00                             240.00             Variable overheads     20 hours at K8.00                               160.00             Fixed overheads          20 hours at K15.00                             300.00                                                                                                                                                 945.00             Selling price                                                                            1,500.00             Profit…
Julum Limited manufactures a single product and operates a standard costing system. Budgeted Data (per unit) : Labour 5 hours @ £15.00 Per Hour Budgeted production for August was expected to reach   10000 Units Actual production 11000 Units The actual costs incurred were as follows : Actual Data : Labour 60000 hours @ £14.50 Per Hour a. What is Labour Rate Variance? Choose one from the following: A. £30,000.00 Favourable B. £75,000.00 Unfavourable C. £45,000.00 Favourable D. £45,000.00 Unfavourable
Costing information for Emily Elephant Limited is as follows:Direct material cost per unitDirect labour cost per unitVariable manufacturing overhead cost per unitVariable selling and administrative overhead cost per unitFixed manufacturing overhead for the year£41 £43£6£4£44,000Budgeted production for the year was 4,000 units. What is the budgeted unit product cost according to an absorption costing system? a. £90 b. £101 c. £105d. £94
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Zizi plc uses a standard absorption costing system and produces and sells product 8W. The standard cost card is below: Product 8W (€ per unit) Direct material (5 per kg) 15 Direct labour (6 per hour) 12 Fixed manufacturing overhead 10 Total production cost 37 Standard profit 13 Standard selling price 50 * Absorption rate based on standard labour hours Budgeted and actual production and sales units for december 2020 were as follows: Budget Actual Production 1,100 900 Sales 1,000 800 Actual data for December 2020 were as follows € Direct material purchases 1,200 kgs costing 12,000 Direct materials used 1,100 kgs Direct labour hours 500 hours costing 6,000 Fixed manufacturing overhead 5,000 Sales revenue 30,000 An analysis of the Direct labour hours shows that the 500 hours that were paid for 50 were idle time due to a machinery breakdown. There were no inventories of Direct materials or finished products (planned or actual) at the…
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